Every year at the end of April, FINMA collects extensive data from insurance companies on balance sheets and income statements for the previous year. In contrast to the Swiss Solvency Test (SST), which uses market (or market-consistent) values, this data is based on statutory values defined in the Swiss Code of Obligations.
Insurance companies can send their data to FINMA via an online delivery platform. FINMA also receives annual reports from audit firms.
Supplementary health insurers must also ask FINMA to approve their tariff adjustments due to come into effect on 1 January of the following year. The deadline for requests is 31 July. Tariffs for daily allowance insurance for companies are not subject to approval.
Every six months, at the end of April and September, FINMA collects extensive data on the consolidated balance sheets and income statements of insurance groups and conglomerates. This data is based on international financial reporting standards (IFRS or US GAAP).
Beginning in 2020, FINMA will use a revised chart of accounts as the basis for collecting supervisory information from insurance companies. It will update the structure used in previous years to reflect the classification rules set out in the FINMA Insurance Supervision Ordinance and the most recent financial reporting standards defined in the Swiss Code of Obligations. In future, the charts of accounts, SST balance sheets and annual financial statements published by insurers will use the new structure. As a result, the concordance tables which were previously used will no longer be required. Most of the old data and accounts will be transferred to the new structure, and some will be renamed or renumbered.